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Bitcoin ETF Net Inflows Slow to a Trickle as Price Flattens

The 10 spot funds attracted only 500 bitcoin on Wednesday, the least since Feb. 6.

By Helene Braun
AccessTimeIconFeb 22, 2024 at 4:49 p.m. UTC
Updated Mar 8, 2024 at 9:57 p.m. UTC
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Inflows into the 10 spot bitcoin exchange-traded funds (ETFs) dropped to a two-week low on Wednesday, with the group attracting only about a net 500 bitcoin (BTC), some $25.5 million, data collected from the issuers' websites shows.

That's the least since Feb. 6, when the funds saw roughly $100M in outflows, and a stark drop from the inflows seen since then. In the five days ended Feb. 16, for instance, net inflows averaged about 7,000 bitcoin a day, roughly $350 million worth.

Wednesday's transactions were dominated by heavy flows out of Grayscale’s Bitcoin Trust (GBTC), which had about 2,652 bitcoin removed from its fund. Meanwhile, BlackRock’s iShares Bitcoin Fund (IBIT) and Fidelity’s Wise Origin (FBTC), which continue to be the dominant issuers, added just shy of a combined 3,000 bitcoin.

Five of the funds, including Bitwise’s Bitcoin ETF (BITB) and VanEck’s Bitcoin Trust (HODL), saw no net movement.

Flows have been on a rollercoaster in recent weeks, ranging from outflows of as much as 6,900 bitcoin on Jan 24. to days like Feb. 13, when inflows hit 12,400 bitcoin.

Edited by Sheldon Reback and Stephen Alpher.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Helene Braun
Helene Braun

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

Follow @HeleneBraunn on Twitter

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